Concept 1: Foundations of Economics
|Concept 1: Foundations of Economics |
|The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
|PO 1. Discuss different types of jobs that|PO 1. Discuss the difference between|PO 1. Discuss how scarcity requires |PO 1. Identify how scarcity requires|PO 1. Explain the decision for a |
|people do. |basic needs and wants. |people to make choices due to their |people to make choices due to their |personal spending choice. |
| | |unlimited needs and wants with |unlimited wants and needs. | |
| | |limited resources. | | |
|PO 2. Match simple descriptions of work |PO 2. Recognize that people need to|PO 2. Discuss that opportunity cost |PO 2. Identify opportunity costs in |PO 2. Identify that specialization |
|with the names of those jobs. |make choices because of limited |occurs when people make choices and|personal decision-making situations. |improves standards of living (e.g., |
| |resources. |something is given up (e.g., if you | |medical care, home building, |
| | |go to the movies, you can’t also go | |agriculture). |
| | |to the park). | | |
|PO 3. Give examples of work activities |PO 3. Recognize that some goods are |PO 3. Identify differences among |PO 3. Identify goods and services |PO 3. Give examples of how voluntary|
|that people do at home. |made locally and some are made |natural resources (e.g., water, soil,|(e.g., fire and police protection, |exchanges of goods and services can |
| |elsewhere. |and wood), human resources (e.g., |immunizations, library) provided by |be mutually beneficial (e.g., ice |
| | |people at work), and capital |local government. |cream vendor receives money, child |
| | |resources (e.g., machines, tools and | |receives ice cream; doctor receives |
| | |buildings). | |monetary benefit, patient receives |
| | | | |care). |
|Concept 1: Foundations of Economics |
|The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
|PO 4. Discuss differences between needs |PO 4. Recognize that people are |PO 4. Recognize that people trade |PO 4. Give examples of trade in the | |
|and wants. |buyers and sellers of goods and |for goods and services. |local community (e.g., farmers supply| |
| |services. | |the grocer). | |
|PO 5. Recognize various forms of U.S. |PO 5. Recognize various forms of |PO 5. Compare the use of barter and |PO 5. Discuss reasons (e.g., labor, | |
|currency. |U.S. currency. |money in the exchange for goods and |raw materials, energy resources) why | |
|Connect with: |Connect with: |services (e.g., trade a toy for |some goods are made locally and some | |
|Math Strand 1 Concept 1 |Math Strand 1 Concept 1 |candy, buying candy with money). |are made in other parts of the United| |
| | |Connect with: |States and world. | |
| | |Strand 2 Concept 2 |Connect with: | |
| | | |Strand 1 Concept 6 | |
| | | |Strand 4 Concept 4 | |
|PO 6. Recognize that people use money to |PO 6. Recognize that people save |PO 6. Recognize that some goods are |PO 6. Discuss how producers use | |
|purchase goods and services. |money for future goods and services. |made in the local community and some |natural, human, and capital resources| |
| | |are made in other parts of the world.|to create goods and services. | |
| | | | | |
| | | | | |
| | | | | |
|Concept 1: Foundations of Economics |
|The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
| | |PO 7. Discuss how people can be both| | |
| | |producers and consumers of goods and | | |
| | |services. | | |
|Concept 1: Foundations of Economics |
|The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services. |
|Grade 5 |Grade 6 |Grade 7 |Grade 8 |
|PO 1. Identify the opportunity costs (i.e., |PO 1. Identify how limited resources and |PO 1. Explain how limited resources and |PO 1. Explain how limited resources and unlimited |
|separation from family, indentured service) |unlimited human wants cause people to choose |unlimited human wants cause people to choose |human wants cause people to choose some things and |
|associated with expeditions to the New World. |some things and give up others. |some things and give up others. |give up others. |
|Connect with: | | | |
|Strand 1 Concept 3 | | | |
|Strand 2 Concept 5 | | | |
|Strand 4 Concept 2, 4 | | | |
|PO 2. Describe how specialization (e.g., |PO 2. Determine how scarcity, opportunity |PO 2. Analyze how scarcity, opportunity |PO 2. Analyze how scarcity, opportunity costs, and |
|division of labor) improved standards of |costs, and trade-offs influence |costs, and trade-offs influence decision |trade-offs, influence decision-making. |
|living in the three colonial regions and the |decision-making. |making. | |
|Pre-Civil War North and South. | | | |
|Connect with: | | | |
|Strand 1 Concept 6 | | | |
|PO 3. Identify how voluntary exchange helps |PO 3. Explain why specialization improves |PO 3. Identify how governments and businesses|PO 3. Analyze how individuals, governments and |
|both buyers and sellers as in colonial trade |standards of living. |make choices based on the availability of |businesses make choices based on the availability of |
|in North America. |Connect with: |resources. |resources. |
|Connect with: |Strand 2 Concept 2 | | |
|Strand 1 Concept 3 | | | |
|Strand 2 Concept 5 | | | |
|PO 4. Interpret how trade promoted economic |PO 4. Compare how money, as opposed to |PO 4. Describe the characteristics of a |PO 4. Apply Adam Smith’s ideas of a market economy |
|growth throughout U.S. history. |barter, facilitates trade. |market economy: |to: |
|Connect with: | |property rights |property rights |
|Strand 1 Concept 3 | |freedom of enterprise |freedom of enterprise |
|Strand 2 Concept 5 | |competition |competition |
|Strand 4 Concept 4 | |consumer choice |consumer choice |
| | |limited role of government |limited role of government |
| |PO 5. Explain how trade promoted economic | |PO 5. Describe the impact of the availability and |
| |growth throughout world regions. | |distribution of natural resources on an economy. |
| |Connect with: | | |
| |Strand 2 Concept 3 | | |
| |Strand 2 Concept 4 | | |
|Concept 1: Foundations of Economics |
|The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services. |
|High School |
|PO 1. Analyze the implications of scarcity: |
|limited resources and unlimited human wants influence choice at individual, national, and international levels |
|factors of production (e.g., natural, human, and capital resources, entrepreneurship, technology) |
|marginal analysis by producers, consumers, savers, and investors |
|PO 2. Analyze production possibilities curves to describe opportunity costs and trade-offs. |
|PO 3. Describe the characteristics of the mixed-market economy of the United States: |
|a. property rights |
|b. profit motive |
|c. consumer sovereignty |
|d. competition |
|e. role of the government |
|f. rational self-interest |
|g. invisible hand |
|PO 4. Evaluate the economic implications of current events from a variety of sources (e.g., magazine articles, newspaper articles, radio, television reports, editorials, Internet sites). |
|PO 5. Interpret economic information using charts, tables, graphs, equations, and diagrams. |
|Concept 2: Microeconomics |
|Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
| | | |PO 1. Discuss different ways |PO 1. Explain how price incentives |
| | | |individuals can earn money. |affect peoples’ behavior and choices, |
| | | | |such as colonial decisions about what |
| | | | |crops to grow and which products to |
| | | | |produce. |
| | | | |PO 2. Describe why (e.g., schools, |
| | | | |fire, police, libraries) state and |
| | | | |local governments collect taxes. |
| | | | |PO 3. Describe how education, skills,|
| | | | |and career choices affect income. |
| | | | |PO 4. Discuss how profit is an |
| | | | |incentive to entrepreneurs. |
| | | | |PO 5. Describe risks that are taken |
| | | | |by entrepreneurs. |
| | | | |PO 6. Identify the role of financial |
| | | | |institutions in providing services |
| | | | |(e.g., savings accounts, loans). |
|Concept 2: Microeconomics |
|Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies. |
|Grade 5 |Grade 6 |Grade 7 |Grade 8 |
|PO 1. Explain how price incentives affect | |PO 1. Identify the functions and |PO 1. Identify the functions and relationships among |
|peoples’ behavior and choices, such as | |relationships among various institutions |various institutions (e.g., business firms, banks, |
|colonial decisions about what crops to grow | |(e.g., business firms, banks, government |government agencies, labor unions, corporations) that |
|and which products to produce. | |agencies, labor unions, corporations) that |make up an economic system. |
|Connect with: | |make up an economic system. | |
|Strand 1 Concept 3 | | | |
|Strand 2 Concept 5, 8 | | | |
|PO 2. Describe how competition, markets, and | |PO 2. Describe how (private) investment in |PO 2. Explain the impact of government investment in |
|prices influence peoples’ behavior. | |human capital such as health (e.g. |human capital: |
|Connect with: | |immunizations), education (e.g., college), and|health (e.g., immunizations) |
|Strand 1 Concept 4 | |training of people (e.g., on the job |education (e.g., college grants, |
| | |experience), leads to economic growth. |loans) |
| | | |training of people (e.g., Job Corps) |
|PO 3. Identify how people earn income by | |PO 3. Describe how investment in physical |PO 3. Explain the impact of government investment in |
|selling their labor to businesses or | |capital (e.g., factories, machinery, new |physical capital (e.g., NASA, transportation). |
|governments. | |technology) leads to economic growth. | |
|PO 4. Describe ways in which entrepreneurs | |PO 4. Describe the role of entrepreneurs |PO 4. Describe how income for most people is |
|take risks to develop new goods and services. | |(e.g., Carnegie, Ford, Rockefeller, J. P. |determined by the value of the goods and services they|
| | |Morgan, Vanderbilt) in the free enterprise |sell. |
| | |system. | |
|PO 5. Describe the function of private | |PO 5. Describe the function of private |PO 5. Describe the impact of entrepreneurs (e.g., |
|business in producing goods and services. | |business in producing goods and services. |Bill Gates, Martha Stewart, Oprah Winfrey, Ted Turner |
| | | |Donald Trump) in the free enterprise system. |
|PO 6. Discuss the function of banks in | |PO 6. Describe how the interaction between |PO 6. Analyze how investment in physical capital |
|providing checking accounts, savings accounts,| |buyers and sellers determines market prices. |(e.g., factories, medical advancements, new |
|and loans. | | |technologies) leads to economic growth. |
|PO 7. Explain the function of government in | |PO 7. Explain how the (unequal) distribution |PO 7. Describe how competition (e.g., |
|providing certain goods and services through | |of income affects public policy and standards |Microsoft/Apple, Wal-Mart/Target) affects supply and |
|taxation. | |of living. |demand from the vantage point of the consumer and |
|Connect with: | | |producer. |
|Strand 1 Concept 4 | | | |
| | |PO 8. Describe the government’s investment in|PO 8. Describe how market prices provide incentives |
| | |human capital: |to buyers and sellers. |
| | |a. health | |
| | |b. education | |
| | |c. training of people | |
| | |PO 9. Describe the government’s investment in|PO 9. Describe how protection of private property |
| | |physical capital (e.g., NASA, transportation).|rights provides incentives to conserve and improve |
| | | |property (e.g., resale market). |
| | |PO 10. Describe the government’s role in | |
| | |economic recovery for the individual (e.g., | |
| | |farm subsidy, securities, Social Security, | |
| | |exchange regulations). | |
|Concept 2: Microeconomics |
|Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies. |
|High School |
|PO 1. Describe how the interdependence of both households and firms is affected by trade, exchange, money, and banking: |
|a. why voluntary exchange occurs only when all participating parties expect to gain from the exchange |
|b. role and interdependence of households, firms, and government in the circular flow model of economic activity |
|c. role of entrepreneurs in a market economy and how profit is an incentive that leads entrepreneurs to accept risks of business failure |
|d. financial institutions and securities markets |
|e. importance of rule of law in a market economy for enforcement of contracts |
|PO 2. Describe how markets function: |
|a. laws of supply and demand |
|b. how a market price is determined |
|c. graphs that demonstrate changes in supply and demand |
|d. how price ceilings and floors cause shortages or surpluses |
|e. comparison of monopolistic and competitive behaviors |
|f. theory of production and the role of cost |
|PO 3. Describe how government policies influence the economy: |
|a. need to compare costs and benefits of government policies before taking action |
|b. use of federal, state, and local government spending to provide national defense; address environmental concerns; define and enforce |
|property, consumer and worker rights; regulate markets; and provide goods and services |
|c. effects of progressive, proportional, and regressive taxes on different income groups |
|d. role of self-interest in decisions of voters, elected officials, and public employees |
|Concept 3: Macroeconomics |
|Macroeconomics examines the costs and benefits of economic choices made at a societal level and how those choices affect overall economic well being. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
| | | | | |
|Concept 3: Macroeconomics |
|Macroeconomics examines the costs and benefits of economic choices made at a societal level and how those choices affect overall economic well being. |
|Grade 5 |Grade 6 |Grade 7 |Grade 8 |
| | |PO 1. Describe the effects of inflation |PO 1. Identify the organization and functions of the |
| | |(e.g., higher prices, rising interest rates, |Federal Reserve System. |
| | |less business activity) on society. | |
| | |PO 2. Analyze the effects (e.g., inflation, |PO 2. Identify the effects of inflation on society. |
| | |unemployment) of the Great Depression. | |
| | |PO 3. Analyze the government’s role (e.g., |PO 3. Analyze the government’s role in economic |
| | |FDIC, Securities and Exchange Commission) in |recovery. |
| | |national economic recovery. | |
| | |PO 4. Describe how scarcity influences the | |
| | |choices (e.g., war time rationing, women in | |
| | |the work force, reallocation of resources) | |
| | |made by governments and businesses. | |
|Concept 3: Macroeconomics |
|Macroeconomics examines the costs and benefits of economic choices made at a societal level and how those choices affect overall economic well being. |
|High School |
|PO 1. Determine how inflation, unemployment, and gross domestic product statistics are used in policy decisions. |
|PO 2. Explain the effects of inflation and deflation on different groups (e.g., borrowers v. lenders, fixed income/cost of living adjustments). |
|PO 3. Describe the economic and non-economic consequences of unemployment. |
|PO 4. Analyze fiscal policy and its effects on inflation, unemployment, and economic growth. |
|PO 5. Describe the functions of the Federal Reserve System (e.g., banking regulation and supervision, financial services, monetary policy) and their influences on the economy. |
|PO 6. Explain the effects of monetary policy on unemployment, inflation, and economic growth. |
|PO 7. Determine how investment in factories, machinery, new technology, and the health, education, and training of people can raise future standards of living. |
|Concept 4: Global Economics |
|Patterns of global interaction and economic development vary due to different economic systems and institutions that exist throughout the world. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
| | | | | |
|Concept 4: Global Economics |
|Patterns of global interaction and economic development vary due to different economic systems and institutions that exist throughout the world. |
|Grade 5 |Grade 6 |Grade 7 |Grade 8 |
| | |PO 1. Explain how voluntary exchange benefits |PO 1. Compare how private property rights differ |
| | |buyers and sellers. |in market (capitalism) economies versus command |
| | | |(communist) economies. |
| | |PO 2. Identify the patterns of economic |PO 2. Identify the effects of trade restrictions |
| | |interaction (e.g., national debt, balance of |between national and world regions. |
| | |trade) between countries. | |
| | | |PO 3. Describe the role of the United States |
| | | |government in influencing international commerce in|
| | | |regions studied. |
| | | |PO 4. Identify interdependence (e.g., North |
| | | |American Free Trade Agreement, European Union, |
| | | |International Monetary Fund/ World Bank) between |
| | | |nations. |
|Concept 4: Global Economics |
|Patterns of global interaction and economic development vary due to different economic systems and institutions that exist throughout the world. |
|High School |
|PO 1. Analyze the similarities and differences among economic systems: |
|characteristics of market, command, and mixed economic systems, including roles of production, distribution, and consumption of goods and services |
|benefits and costs of market and command economies |
|characteristics of the mixed-market economy of the United States, including such concepts as private ownership, profit motive, consumer sovereignty, competition, and government regulation |
|role of private property in conserving scarce resources and providing incentives in a market economy |
|PO 2. Describe the effects of international trade on the United States and other nations: |
|a. how people and nations gain through trade |
|b. how the law of comparative advantage leads to specialization and trade |
|c. effects of protectionism, including tariffs and quotas on international trade and on a nation’s standard of living |
|d. how exchange rates work and how they affect international trade |
|e. how the concepts of balance of trade and balance of payments are used to measure international trade |
|f. factors that influence the major world patterns of economic activity including the differing costs of production between developed and |
|developing countries |
|g. economic connections among different regions, including changing alignments in world trade partners |
|h. identify the effects of trade agreements(e.g., North American Free Trade Agreement) |
|Concept 5: Personal Finance |
|Decision making skills foster a person’s individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in|
|society. |
|Kindergarten |Grade 1 |Grade 2 |Grade 3 |Grade 4 |
| |PO 1. Discuss reasons for |PO 1. Discuss costs and benefits of personal savings. |PO 1. Discuss costs and benefits|PO 1. Describe how interest is |
| |personal savings. | |of personal spending and saving |an incentive to saving money. |
| | | |choices. | |
|Concept 5: Personal Finance |
|Decision making skills foster a person’s individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in|
|society. |
|Grade 5 |Grade 6 |Grade 7 |Grade 8 |
|PO 1. Explain how the following are used to |PO 1. Compare the cost and benefits of using |PO 1. Describe how scarcity influenced the |PO 1. Explain how scarcity influences personal |
|purchase goods and services: |credit. |historical times studied. |financial choices (e.g., budgeting, saving, |
|a. cash | | |investing, credit). |
|b. check | | | |
|c. money order | | | |
|d. debit card | | | |
|e. credit card | | | |
| |PO 2. Explain how interest is the price paid to |PO 2. Describe how scarcity influences |PO 2. Describe types of personal investments (e.g., |
| |borrow money. |personal financial choices (e.g., buying |saving accounts, stocks, mutual funds, bonds, |
| | |on-margin, budgeting, saving, investing, |retirement funds, land). |
| | |credit). | |
| |PO 3. Describe the factors lenders consider |PO 3. Describe how income for most people is|PO 3. Describe the role of the stock market in |
| |before lending money. |determined by the value of the goods and |personal investing. |
| | |services they sell. | |
| | |PO 4. Describe types of personal investments|PO 4. Describe various forms of credit. (e.g., |
| | |(e.g., saving accounts, stocks, bonds). |personal loans, credit cards, lines of credit, |
| | | |mortgages, auto loans). |
| | | |PO 5. Analyze the, advantages, disadvantages, and |
| | | |alternatives to consumer credit. |
| | | |PO 6. Analyze the costs and benefits of producing a|
| | | |personal budget. |
| | | |PO 7. Create a personal budget to include fixed and |
| | | |variable expenses. |
| | | |PO 8. Identify the benefits of future financial |
| | | |planning. |
|Concept 5: Personal Finance |
|Decision making skills foster a person’s individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in|
|society. |
|High School |
|PO 1. Explain how education, career choices, and family obligations affect future income. |
|PO 2. Analyze how advertising influences consumer choices. |
|PO 3. Determine short- and long-term financial goals and plans, including income, spending, saving, and investing. |
|PO 4. Compare the advantages and disadvantages of using various forms of credit and the determinants of credit history. |
|PO 5. Explain the risk, return, and liquidity of short- and long-term saving and investment vehicles. |
|PO 6. Identify investment options, (e.g., stocks, bonds, mutual funds) available to individuals and households. |
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